July 19, 2009

Obama and the Economic Critics on the Left

Newsweek has a piece about Joseph Stiglitz, one of the world's preeminent Nobel Prize economists who doesn't believe Obama has done enough. Stiglitz was one of the early critics that the size of the economic stimulus package was too small and now days it is apparent that he and Krugman were more than right. Another major criticism is that the Obama has not sufficiently restrained the too-big-to-fail financial institutions which most leftward leaning economists believe as well.

A senior White House official, responding to this critique, says that the Obama administration is most often criticized these days for intervening too much in the economy, not too little.

So, the administration is still using the "both sides are complaining" excuse which is completely brain-dead when all the evidence shows one side was right and the other wrong. After all, the stimulus package was way too small to fill the hole in which the economy has fallen and Stiglitz was right about this. And those critics that complain the administration is interfering too much? They are the same ones that helped create the financial debacle by deregulating everything in sight. They are the people who think it's okay to let Goldman Sachs suck up all the world's wealth because that's how they gain status and make their bucks off the ill-begotten gains of the ultra wealthy.

So who has more credibility? The guys who wrecked the economy or the guys who warned about the excesses? Why does the administration play this game?

Posted by Mary at July 19, 2009 06:00 PM | Economy | Technorati links |
Comments

It seems this administration is intent on taking over all industries that have problems, rather than working to improve the existing systems.

Posted by: Medical insurance at July 21, 2009 10:33 AM

Obama seems to be backing off on healthcare. I am not sure that the politicians realized the scope of the healthcare system.
The bill that was submitted last week did absolutely nothing to control healthcare costs!

Posted by: Affordable Medical insurance at July 21, 2009 10:38 AM

On June 17, 2009, Congress met to consider the Presidentís healthcare reform bill and many are worried that things are moving too fast to make smart decisions. The costs of the proposed program havenít even been determined and Sen. Michael Enzi (R) of Wyoming wonders how a bill can be discussed and amended without any understanding of the costs "This bill costs too much, covers too few and will force about 10 million people to have to lose their employer-provided coverage." Enzi believes the current bill will not help the economy but would actually make things worse. "We need a bill that won't destroy the economy.Ē

Instead of looking at a public healthcare program that can wind up costing billions or even trillions of dollars, it makes sense to work with the insurance companies to find affordable healthcare solutions now. By letting states, small businesses and other people groups band together to access lower cost medical insurance to people who arenít currently eligible for group health insurance, more Americans could find affordable healthcare insurance now instead of waiting for the government to take on healthcare like some other nations have. Government provided healthcare does not encourage the high quality health care that Americans deserve and need.

Posted by: Medical insurance plans at July 21, 2009 10:41 AM

We sell healthcare insurance and in the last 10-years we've watched costs skyrocket. Something HAS to be done or nobody will be able to afford anything.

As it is, people buying private insurance can only afford catastrophic insurance and not enough to cover basic medical costs.

Chuck

San Diego Health Insurance

Posted by: Tom at July 22, 2009 11:43 AM

Something does have to be done, but the Fed is focusing most of it's attention on the insurance industry. It should be first looking to bring down the cost of providing the actual care, hospitals, doctors, testing etc.

A pulic option is not the answer, departments of government are not under the same competitive pressure as the private sector.

Posted by: Family Health Insurance at July 22, 2009 04:11 PM